Nigeria's richest man, billionaire Aliko Dangote, has denied media reports that he was considering buying a 16 percent stake in Arsenal football club.

Reports over the weekend claimed Dangote had registered his interest in buying a stake being sold by Nina Bracewell-Smith, the club's fourth biggest investor.

"I am a longstanding supporter of Arsenal Football Club and have been involved in conversations around investment in the past," Dangote said in a statement today.

"However, I can say categorically at this time that I have no intention of investing in the club and will not be acquiring a stake. I wish Arsenal Football Club the best for the future and will continue to follow the team as a fan."

Bracewell-Smith has appointed U.S. private equity firm Blackstone Group to find a buyer. There are reported to be between eight and 12 parties interested in buying the shares.